Last month we posted word of an exciting two-part series hosted by The Art Law Foundation. The first session of “Art Finance and Law” took place on November 26, 2014 in London. The Thanksgiving holiday kept me from attending, but a thorough recap has been written by Rebecca Hawkins at Private Art Investor of the day’s conference, entitled “Risk, Rules and Opportunities in Art Investment.” Hawkins writes, “The key themes that reoccurred throughout the day’s discussions were those of regulation and reputation.” To put it another way, the conference seems to have focused on the timely issues of where art fits into financial planning and secured finance as an asset class, and on a discussion on the proper role of regulation (there being a decided lack of it, compared to other asset classes in the same order of magnitude). The conference also made the presentations themselves available, here. The recap reminded me that I wished I had been able to attend.
Nicholas O'Donnell
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Topics: William Pearlstein, Art Finance, Sotheby’s Financial Services, Philip Hoffman, Emigrant Bank Fine Art Finance, Tim Hunter, Art Business and Research Unit at Sotheby’s Instit, Art Law Foundation, London, Melanie Gerlis, David Arendt, The Art Newspaper, Geneva, Oblyon Art Business Intelligence, Lalive, Paul Aitken, Marco Mercanti, Falcon Fine Art, Events, Sebastian Fahey, Stefanie Berloffa-Spadafora, Rebecca Hawkins, Anna Dempster, Bilan, Private Art Investor, Sotheby's, borro, Li Jun Xian, The Luxembourg Freeport, Fine Art Fund Group, Art Finance And Law Conference Series
Tower 49 in Manhattan premiered an exhibition in October that underscores its exciting collaboration of real estate and art. A unique commercial property on 49th Street between 5th Avenue and Madison Avenue, Tower 49 has always been for most New Yorkers a first class office space.
Topics: Gallery 49®, Tower 49, Natvar Bhavsar, the Economist, Galleries, Natvar Bhavsar: RANG RASA (Transcendent Color), Ai Kato
The British Museum has announced that it has loaned to Russia one of the sculptures from the Parthenon that widely known as the “Elgin Marbles” after Thomas Bruce, the 7th Earl of Elgin who oversaw their removal from then-Ottoman occupied Greece in 1811-12. The State Hermitage Museum in St. Petersburg is the recipient of the loan, specifically, the sculpture of the river god Ilissos from the west pediment of the Parthenon.
Topics: cultural property, Pandora’s box, the 7th Earl of Elgin, Temple of Zeus at Olympia, George Clooney, Russia, Thomas Bruce, Amal Alamuddin-Clooney, Elgin Marbles, river god Ilissos, Museum of Modern Art, Greece, The British Museum, Restitution, Pausanias, Parthenon Sculpture, Portrait of Wally, Austria, The State Hermitage Museum in St. Petersburg, Ottoman Empire, Museums, Attica, New York
The intermediate appeals court in New York affirmed last week the dismissal of Ronald Perelman’s lawsuit against Larry Gagosian (the initial dismissal was earlier this year). Although we did not analyze the underlying dismissal when it happened (Donn Zaretsky wrote a terrific recap at the time, here). The result, while not terrible surprising at this point, does underscore some important points to remember about the parties’ rights and duties in an art transaction.
Topics: Legislation, Donn Zaretsky, Gagosian Gallery Inc., Appellate Divisision, MacAndrews & Forbes Group LLC, Jeff Koons, opinion of value, Galleries, Ronald Perelman, express warranty, Larry Gagosian, U.C.C. § 2-313
There was a curious non-development today in Austria concerning the dispute over Gustav Klimt’s famed “Beethoven Frieze” located in the Secession Building in Vienna. At issue is whether a post-war sale by Jewish survivors to Austria of a famous painting that the law of the time did not allow to be exported can be considered a sale under duress and justify restitution.
Topics: Erich Lederer, London, sales under duress, Nazi-looted art, Beethoven Frieze, Germany’s Limbach Commission, Jugendstil, Restitution, Austrian Cultural Ministry, World War II, Leopold Collection, Switzerland, Gesamtkunstwerk, Secession Building, Der Beirat gemäß § 3 des Bundesgesetzes über die R, Portrait of Wally, Austria, 14th Secession Exhibition, Museums, Wiener Secessionsgebäude, Zürich, Gustav Klimt, (Kunstrückgabegesetz), Vienna, Anschluss, Dr. Rudolf Leopold, New York, Beethoven’s Ninth Symphony
Back in October, we surveyed some developments in lawsuits over public art and protection available under copyright law in graffiti art. There has been some movement, and other developments, in these cases.
Topics: Ahol Sniffs Glue, Zero Theorem, Digital Milennium Copyright Act, David Anasagasti, Zappos.com Inc., Monty Python, Sara Bareilles, 15 U.S.C. § 1125(a), London, Terry Giliam, the Lanham Act, DMCA, Jason 'Revok' Williams, 17 U.S.C. §1202 et seq., Public Art, Graffiti Art, Romania, Vogue, Nordstrom Inc., Chicago, Amazon.com Inc., unfair competition, Robert Cavalli, Victor 'Reyes' Chapa, Jeffrey 'Steel' Rubin, Copyright, Buenos Aires, Litigation, Ocean Grown, Wal-Mart, New York Magazine, Graffiti, California Business and Professions Code § 17200, Staff USA Inc.
As the world adjusts to the announcement last week that the Kunstmuseum Bern has decided to accept Cornelius Gurlitt’s bequest (amid the continuing uncertainty about the validity of the will itself), the most significant development has been the museum’s posting of an inventory of the objects themselves. The museum issued a press release that states:
Topics: Swiss Info, Schwabinger Kunstfund, Hildebrand Gurlitt, Cornelius Gurlitt, Monopol, Nazi-looted art, Gurlitt Collection, Entartete Kunst, Restitution, Bavaria, Der Spiegel, Wall Street Journal, World War II, Degenerate Art Action, degenerate art, beschlagnahmte Kunst, Kunstmuseum Bern, Museums, Münchner Kunstfund
With the benefit of (a little) time after the initial announcement that the Kunstmuseum Bern had agreed to accept the inheritance of Cornelius Gurlitt, more information has become available about the agreement with Germany and Bavaria that paved the way for the museum’s decision.
Topics: Hildebrand Gurlitt, Cornelius Gurlitt, Gurlitt Task Force, YouTube, Gurlitt Collection, Christoph Schäublin, Salzburg, Gurlitt, Restitution, Bavaria, World War II, Erklärung der Bundesregierung der Länder und der k, Kunstmuseum Bern, Washington Principles, Museums, Monika Grütters, Washingtoner Einkommen
As expected, the press conference today in Berlin held by the Kunstmuseum Bern along with German officials announced that the museum has decided to accept the appointment as Cornelius Gurlitt's heir. As we surmised, the decision was accompanied by an agreement concerning the Nazi-looting suspicions that have followed the one time collection of his father Hildebrand Gurlitt. Hildebrand was one of a select few art dealers authorized during the Nazi regime to sell what the authorities deemed "degenerate art" (see link above for more background).
Topics: Swiss Info, Schwabinger Kunstfund, Hildebrand Gurlitt, Cornelius Gurlitt, Monopol, Nazi-looted art, Gurlitt Collection, Entartete Kunst, Willbald Gurlitt, Restitution, Bavaria, Der Spiegel, Wall Street Journal, World War II, Degenerate Art Action, degenerate art, beschlagnahmte Kunst, Kunstmuseum Bern, Münchner Kunstfund
When we wrote yesterday that everything had been said before seeing how the press conference plays out on Monday at which the Kunstmuseum Bern and Germany will make an announcement, it was somewhat tongue in cheek. Today provides an example why: relatives of Cornelius Gurlitt, who would be his heirs at law in the absence of the will that named the Kunstmuseum Bern as his heir, formally announced a challenge to that will today in a Munich court.
Topics: Schwabinger Kunstfund, Hildebrand Gurlitt, Cornelius Gurlitt, Monopol, Uta Werner, Nazi-looted art, Gurlitt Collection, Dietrich Werner, Entartete Kunst, Munich, Willbald Gurlitt, Restitution, Bavaria, World War II, Degenerate Art Action, Helmut Hausner, degenerate art, beschlagnahmte Kunst, Kunstmuseum Bern, Museums, Münchner Kunstfund
